OLSHAN LUXURY MARKET REPORT

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October 17-23, 2011

NYC Residential Real Estate Luxury Tracking Scoreboard
Apartments and Townhouses under Contract $4 million and above
October 17-23, 2011: 14 Contracts Signed

There were 14 contracts signed last week-- the strongest week in the luxury market in almost 4 months. Perhaps the recent strength in the Dow had something to do with it. Five townhouse/buildings went to contract including one that once belonged to a legendary photographer.

There was a tie for the No. 1 sale of the week, with two apartments at opposite ends of town asking $17.5 million. One is a 26th floor co-op at the Carlyle Hotel, the other an 11th floor condo at 400 West 12th Street. Apartment 2601/2610 at 35 East 76th Street, The Carlyle, has 4 bedrooms, 4.5 bathrooms, hotel amenities including twice daily maid service, and a monthly maintenance of $37,946. Apartment 11AB at 400 West 12th Street, The Superior Ink Condominium, also has 4 bedrooms and 4.5 baths, plus a 30' media room that could be converted to a 5th bedroom, but its $4,570 monthly carrying charges are a lot less than the Carlyle co-op's. The Carlyle apartment has 60-feet facing Central Park while the Superior Ink Condo unit has almost 50-feet facing the Hudson River. The Superior Ink is the most expensive downtown condo building, and was designed by architect Robert A.M. Stern with interiors by Yabu Pushelberg . Stern's other building, at 15 Central Park West, is the No.1 condo in New York and perhaps the world.

The last two weeks have shown the strongest volume this year for townhouses/buildings with 9 contracts signed. The top townhouse sale of the week was 317 West 77th Street, asking $12,999,000, which represented a whopping profit for the seller: it was purchased for $3.8 million in March 2010 and then renovated. It is 19' wide and 6 stories, with over 7,000 square feet that includes 6 bedrooms, 8 bathrooms, and an elevator.

The other townhouse news is that French President Nicolas Sarkozy's half brother, Olivier Sarkozy, sold 407 East 75th Street, previously owned by the late photographer Richard Avedon. The 25' house with 8,475 square feet, asking $8,995,000, was reduced from $11,950,000 when it started on the market in May 2010. Sarkozy, a Managing Director and head of Global Financial Services for The Carlyle Group, purchased the house in 2005 for $6.5 million, which he renovated but left Avedon's dark room in tact.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
October 17-23, 2011

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

2

2

 

 

 

4

Condos

 

2

1

2

Avg. Price: $3,858/sq.ft.
Avg. Size : 2,661 sq.ft.

5

Condops *

 

 

 

 

 

0

Townhouses

2

2

 

1

Avg. Price: $1,406 sq.ft.
Avg. Size: 6,398 sq.ft.

5

Totals

4

6

1

3

 

14


*condop is a co-op with condo rules

Total Weekly Asking Price Sales Volume: $131,222,000
Average Asking Price: $9,373,000
Median Asking Price: $8,164,000
Average Discount from Original Ask to Last Asking Price: 9%
Average Days on Market: 312

TO VIEW October 17-23, 2011: 9 CONTRACTS SIGNED ON APARTMENTS:
Please click here to view the listings. If that doesn't work, please copy and paste the following address into your browser. Alternatively, you can Press Control and Click on the link below:
http://media.realplusonline.com/webreports/11122336aca5f5.htm

To VIEW October 17-23, 1011: 5 CONTRACTS ON TOWNHOUSES:
Please click here to view the listings. If that doesn't work, please copy and paste the following address into your browser. Alternatively, you can Press Control and Click on the link below:
http://media.realplusonline.com/webreports/1112225d7a3b22.htm

Report Prepared by:

Donna Olshan
President
dso@olshan.com

Emily Chen
Private Wealth Real Estate Services
Chief of Research
ecc@olshan.com

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